NEWS RELEASE

COLIBRI REPORTS DRILL RESULTS OF 56.4 METRES OF 1.0 G/T GOLD - INCLUDING 9.2 METERS OF 5.3 G/T GOLD AT 4-T TARGET ON THE PILAR GOLD AND SILVER PROJECT IN SONORA

May 14, 2024

NEWS RELEASE - Dieppe, NB. May 14th, 2024 - Colibri Resource Corporation (CBI-TSXV) ("Colibri" or the "Company") is pleased to report that the co-owner of its Pilar Gold & Silver Project in Sonora, Mexico, Tocvan Ventures (51% interest) has announced the results from the initial four of fifteen holes drilled to date in the ongoing Phase 4 RC drill program. Hole JES-24-77 was drilled in the 4-T Trend area and is reported to be the longest and highest-grade gold intersection to date outside of the Main Zone. Colibri owns a 49% interest in the Pilar Gold & Silver Project.


Highlights from Tocvan Pilar News Release – May 14th, 2024:

  • Best Intersection to date from 4-T Trend (400 meters East of Main Zone) in Drillhole JES-24-77
  • Drilling Intersects 56.4 meters of 1.0 g/t Au, 18.3 meters from Surface in Drillhole JES-24-77
  • Including 9.2 meters of 5.3 g/t Au, 27.5 meters from surface


  • Top 5 Drill Result from Tocvan Programs to Date
  • 1. JES-20-32, 94.6m of 1.6 g/t Au and 9 g/t Ag (RC)
  • 2. JES-22-59, 116.9m of 1.2 g/t Au and 7 g/t Ag (Core)
  • 3. JES-22-62, 108.6m of 0.8 g/t Au and 3 g/t Ag (Core)
  • 4. JES-20-36, 24.2m of 2.5 g/t Au and 73 g/t Ag (RC)
  • 5. NEW – JES-24-77, 56.4m of 1.0 g/t Au and 1 g/t Ag (RC)
  • Result of JES-24-77 Opens Up Resource Potential Along Eastern Corridor
  • Additional Results Pending


For full details please see the Tocvan Ventures news release dated May 14th, 2024 below:


Calgary, Alberta – May 14, 2024 – Tocvan Ventures Corp. (the "Company") (CSE: TOC; OTCQB: TCVNF; FSE: TV3), is pleased to announce first drill results from its 2024 Reverse Circulation (RC) drill program at its road accessible Pilar Gold-Silver project in mine-friendly Sonora, Mexico. A total of 1,825.4 meters has been drilled to date in 15 drillholes.


Results today are highlighted by drillhole JES-24-77 which returned 56.4 meters of 1.0 g/t Au from 18.3 meters vertical depth, including 9.2 meters of 5.3 g/t Au. The entire length of the hole returned anomalous gold values averaging 76.3 meters of 0.8 g/t Au. A high-grade center to the mineralized zone returned 5.3 g/t Au and 3 g/t Ag over 9.2 meters, including 1.5 meters of 26.7 g/t Au. Like the Main Zone, the 4-T trend is exposed at surface along a rounded ridge top, allowing the potential for a low strip ratio during early development. The hole tested near-surface mineralization and was stopped at 76.3 meters, mineralization at 4-T remains open at depth.


Results for eleven drill holes are currently pending analysis, including holes further northwest, along the 4-T trend.


"We are extremely excited with the results today highlighting the additional resource potential that exists along the several parallel trends to the Main Zone which we believe can be tied together into a sizable area." commented Brodie Sutherland, CEO. "Today's results are the best from the 4-T Trend to date and rank as a top five drill intersect in Tocvan's history of drilling at Pilar. Gold mineralization intersected in hole JES-24-77 is close to surface, projecting to workings exposed along a low rolling ridgeline much like the Main Zone. This allows for low-strip ratio potential in future mine development, reducing costs for extraction. We are confident the 4-T Trend will continue to develop into another key resource area for Pilar, being just 400 meters from the heart of our Main Zone. Part of our bulk sample was extracted from 4-T adding to that confidence of resource viability. More results from the trend are pending. As for our exploration drill targets, it is still early in testing these areas and the data available suggests more work is needed to fully evaluate and target mineralization. Surface mapping and geochemistry strongly suggests the known trends extend to the southeast and northwest, while new trends have yet to be tested. Recent sampling across the expansion area supports this thesis, indicating much more is to be uncovered."



In addition, three exploration holes on the southeastern flanks of known mineralization (JES-24-74, 75 and 76) are also included in this release, testing known areas of significant surface mineralization. Although anomalous intervals were encountered, no significant mineralization has been recorded yet.


Discussion of Results


JES-24-77


The drillhole targeted near surface mineralization vertically below the Four Trench (4-T) prospect. The Prospect gets its name from four trenches completed historically across a known area of artisanal underground workings. The prospect was first drilled in 1996 by Santa Catalina, a Lundin Company evaluating Pilar. First drilling hit 7.5 meters of 3.3 g/t Au and 31 g/t Ag in drillhole K-16 (hole was stopped at 7.5m). Follow-up drilling over 15 years later by a private operator returned 30.5 meters of 0.7 g/t Au (JESP-18). In 2021, Tocvan drilled 15.3 meters of 1.1 g/t Au along the same ridgeline 300 meters to the northwest. The result released today from JES-24-77 is the most significant result along the 4-T trend drilled to date and ranks as the fifth best drill result ever from the over 60 drillholes Tocvan has completed thus far at Pilar. JES-24-77 was a vertical drillhole testing the down-dip projection of surface mineralization, successfully intersecting several zones of low-grade gold and silver and one high-grade zone. Follow-up work is to be completed along this developing trend.


Exploration Drill Results


Drillholes JES-24-74 and 75 tested an area southeast of the Main Zone where local surface mineralization hosted along structures and veins had returned 5.1 g/t Au and 24 g/t Ag. Although no significant mineralization was recorded in these holes, anomalous values of silver warrant further investigation. Drillhole JES-24-76 tested the southernmost flank of the 4-T trend, alteration and veining was recorded in logging although no significant mineralization was recorded.



About the Pilar Property

The Pilar Gold-Silver property has returned some of the regions best drill results. Coupled with encouraging gold and silver recovery results from metallurgical test work, Pilar is primed to be a potential near-term producer. Pilar is interpreted as a structurally controlled low-sulphidation epithermal system hosted in andesite rocks. Initially three primary zones of mineralization were identified on the original property from historic surface work and drilling and are referred to as the Main Zone, North Hill and 4-T. Each trend remains open to the southeast and north and new parallel zones have been discovered. Structural features and zones of mineralization within the structures follow an overall NW-SE trend of mineralization. Mineralization extends along a 1.2-km trend, only half of that trend has been drill tested so far. The Company has now expanded its interest in the area by consolidating 22 square-kilometers of highly prospective ground where it has already made significant surface discoveries.


Pilar Drill Highlights:

  • 2022 Phase III Diamond Drilling Highlights include (all lengths are drilled thicknesses):
  • 116.9m @ 1.2 g/t Au, including 10.2m @ 12 g/t Au and 23 g/t Ag
  • 108.9m @ 0.8 g/t Au, including 9.4m @ 7.6 g/t Au and 5 g/t Ag
  • 63.4m @ 0.6 g/t Au and 11 g/t Ag, including 29.9m @ 0.9 g/t Au and 18 g/t Ag
  • 2021 Phase II RC Drilling Highlights include (all lengths are drilled thicknesses):
  • 39.7m @ 1.0 g/t Au, including 1.5m @ 14.6 g/t Au
  • 47.7m @ 0.7 g/t Au including 3m @ 5.6 g/t Au and 22 g/t Ag
  • 29m @ 0.7 g/t Au
  • 35.1m @ 0.7 g/t Au
  • 2020 Phase I RC Drilling Highlights include (all lengths are drilled thicknesses):
  • 94.6m @ 1.6 g/t Au, including 9.2m @ 10.8 g/t Au and 38 g/t Ag;
  • 41.2m @ 1.1 g/t Au, including 3.1m @ 6.0 g/t Au and 12 g/t Ag ;
  • 24.4m @ 2.5 g/t Au and 73 g/t Ag, including 1.5m @ 33.4 g/t Au and 1,090 g/t Ag
  • 15,000m of Historic Core & RC drilling. Highlights include:
  • 61.0m @ 0.8 g/t Au
  • 21.0m @ 38.3 g/t Au and 38 g/t Ag
  • 13.0m @ 9.6 g/t Au
  • 9.0m @ 10.2 g/t Au and 46 g/t Ag


Pilar Bulk Sample Summary:

  • 62% Recovery of Gold Achieved Over 46-day Leaching Period
  • Head Grade Calculated at 1.9 g/t Au and 7 g/t Ag; Extracted Grade Calculated at 1.2 g/t Au and 3 g/t Ag
  • Bulk Sample Only Included Coarse Fraction of Material (+3/4" to +1/8")
  • Fine Fraction (-1/8") Indicates Rapid Recovery with Agitated Leach
  • Agitated Bottle Roll Test Returned Rapid and High Recovery Results: 80% Recovery of Gold and 94% Recovery of Silver after Rapid 24-hour Retention Time


Additional Metallurgical Studies:

  • Gravity Recovery with Agitated Leach Results of Five Composite Samples Returned
  • 95 to 99% Recovery of Gold
  • 73 to 97% Recovery of Silver
  • Includes the Recovery of 99% Au and 73% Ag from Drill Core Composite at 120-meter depth.


Quality Assurance / Quality Control

RC samples were shipped for sample preparation to ALS Limited in Hermosillo, Sonora, Mexico and for analysis at the ALS laboratory in North Vancouver. The ALS Hermosillo and North Vancouver facilities are ISO 9001 and ISO/IEC 17025 certified. Gold was analyzed using 50-gram nominal weight fire assay with atomic absorption spectroscopy finish. Over limits for gold (>10 g/t), were analyzed using fire assay with a gravimetric finish. Silver and other elements were analyzed using a four-acid digestion with an ICP finish. Over limit analyses for silver (>100 g/t) were re-assayed using an ore-grade four-acid digestion with ICP-AES finish. Control samples comprising certified reference samples and blank samples were systematically inserted into the sample stream and analyzed as part of the Company's robust quality assurance / quality control protocol.


Brodie A. Sutherland, CEO for Tocvan Ventures Corp. and a qualified person ("QP") as defined by Canadian National Instrument 43-101, has reviewed and approved the technical information contained in this release.


About Colibri Resource Corporation:

Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) and is focused on acquiring, exploring, and developing prospective gold & silver properties in Mexico. The Company holds five high potential precious metal projects: 1) 100% of EP Gold Project in the significant Caborca Gold Belt which has delivered highly encouraging exploration results and is surround by Mexico's second largest major producer of gold on four sides, 2) 49% Ownership of the Pilar Gold & Silver Project which is believed to hold the potential to be a near term producing mine, and 3) three highly prospective interests in the Sierra Madre (Diamante Gold & Silver Project, Jackie Gold & Silver Project, and Mezquite Gold & Silver Project.


For more information about all Company projects please visit: www.colibriresource.com.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


Notice Regarding Forward-Looking Statements:

This news release contains "forward-looking statements". Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that they will prove to be accurate.


For information contact:

Ian McGavney, President, CEO and Director, Tel: (506) 383-4274, ianmcgavney@colibriresource.com



Share This.

Related news releases.

Colibri Resource Corporation Consolidates Ownership of Diamante Project, Prepares for Growth with Strategic Asset Realignment and Share Consolidation

May 14, 2025
NEWS RELEASE - Dieppe, NB., May 14th, 2025 - Colibri Resource Corporation (TSX.V:CBI) (OTC:CRUCF) ("Colibri" or the "Company") iwishes to announce a series of strategic corporate developments aimed at strengthening its asset base and capital structure. These include: Increasing its effective ownership of the Diamante Gold-Silver Project in Sonora, Mexico to 60%; Entering an agreement to acquire its joint venture partner's remaining interest in the project; Monetizing a non-core asset through the sale of its 50% interest in the Jackie Project; and Implementing a share consolidation to position the Company for improved capital markets access and long-term growth. These actions align with Colibri’s sharpened focus on advancing its two most advanced exploration assets. The Company is collaborating with Tocvan Ventures on the potential future development of the Pilar Gold & Silver Project, where drilling, bulk sampling and trenching suggest near-term production potential. In parallel, Colibri is preparing for further advanced exploration activity at its 100%-owned EP Gold Project, located in a multi-million-ounce gold corridor called the Caborca Gold Belt that hosts Mexico’s largest producing gold mine owned by Fresnillo Plc called La Herradura (25km west of EP). The La Herradura, which has been operating since 1994, produced 367,000 ounces of gold in 2024 and has 7.4 milllion ounces of gold remaining in reserves at the end of 2024 (source: Fresnillo Plc - 2024 Annual Report). Colibri geologists believe that EP shares key geological characteristics with nearby gold deposits, including structure, lithology, and geochemistry—underscoring its discovery potential.

Colibri and Partner – Expands Main Zone by 70 metres – Returning 7.2 g/t Gold and 80 g/t Silver Over 2.6 meters within 46.9 meters of 0.5 g/t Gold at the El Pilar Gold-Silver Project

April 16, 2025
NEWS RELEASE - Dieppe, NB., March 26th, 2025 - Colibri Resource Corporation (TSX.V:CBI) (OTC:CRUCF) ("Colibri" or the "Company") is pleased to share the assay results from the last three holes drilled in its recent 10-hole diamond drilling program (1,167.5 metres) at the advanced exploration stage project El Pilar Gold & Silver Project in Sonora Mexico. Colibri holds a 49% interest in the El Pilar along side its 51% partner Tocvan Ventures, which was the operator of this recent drill program. Colibri is relying on the accuracy of Tocvan’s news release dated April 16th, 2025. “We are pleased with overall results from this recent diamond drilling program. The footprint of the gold & silver mineralization at Pilar has been expanded and opens the doors for potential future drilling along the Main Zone trend as well as the less understood 4T and North Hill trends. Our attention will now be focussed on working with our partner to advance a maiden estimate as well as finalizing plans and permitting for our upcoming up to 50,000 tonne test mine/bulk sample.” commented, Colibri President & CEO Ian McGavney

Colibri Announces Closing of Second and Final Tranche of Non-Brokered Private Placement

March 26, 2025
NEWS RELEASE - Dieppe, NB., March 26, 2025 - Colibri Resource Corporation (TSX.V:CBI) (OTC:CRUCF) ("Colibri" or the "Company") is pleased to announce that it has closed a second and final tranche of its non-brokered private placement of units (the "Offering") for gross proceeds of $146,500. Combined with the proceeds from Tranche 1 (see the Company’s news release from February 13, 2025), the Company has raised a total of $286,900. Each unit (a “Unit”) consists of one (1) common share (a "Common Share") and one (1) common share purchase warrant ("Warrants") of the Company. Each Warrant entitles the holder to acquire one additional Common Share of the Company at a price of C$0.05 for a period of 24 months following issuance. Pursuant to the second tranche, the Company has issued 5,860,000 Common Shares and 5,860,000 Warrants for aggregate gross proceeds of $146,500. The Company completed Tranche 1 of the Offering on February 11, 2025, resulting in the issuance of 5,816,000 Shares and 5,816,000 Warrants for aggregate gross proceeds of $140,400. In total, the Company has issued 11,476,000 Common Shares and 11,476,000 Warrants under the Offering for gross proceeds of $286,900. In connection with the second tranche, the Company paid an eligible arm's length party (the "Finder") a cash fee in the amount of $500 and issued 20,000 finder's warrants (the "Finder's Warrants"). Each Finder Warrant entitles the holder to acquire one Common Share (a "Finder's Warrant Shares") at an exercise price of $0.05 per Finder's Warrant for a period of 24 months from the date of the issue of the Warrants. Combined with the finder’s fees paid on Tranche 1, the Company has paid an aggregate of $2,000 cash and issued 80,000 Finder’s Warrants in connection with the Offering. All securities issued in connection with the Offering (including any Common Shares issuable upon the exercise of any warrants) are subject to a statutory hold period expiring on the date that is four months and one day after closing of the respective tranches. Closing of the Offering is subject to customary closing conditions, including, but not limited to, the receipt of all necessary approvals including the acceptance of the TSX Venture Exchange. Proceeds from the Offering are expected to be applied as follows: approximately 20% for upcoming exploration expenses at Colibri’s highly prospective precious metals projects in Mexico, including the Pilar Gold Project & the EP Gold Project, 65% for arm’s length creditors including payment of interest expenses on outstanding loans and up to 15% to non-arm’s length parties as reimbursement for expenses paid on behalf of the Company by the non-arm’s length parties. No proceeds are being used for investor relations activities. The securities issued pursuant to the Offering have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. Three insiders, two officers and a director of the Company, participated in the Offering for an aggregate amount of $82,475 for 3,299,000 Units. The transactions with the insiders constitute a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on the exemptions under section 5.5(a) and section 5.7(1)(a) from the formal valuation and minority shareholder approval requirements of MI 61-101, as the fair market value of the Units issued to the insiders and the consideration paid by them under the Offering does not exceed 25% of Company's market capitalization, as determined in accordance with MI 61-101. About Colibri Resource Corporation: Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) and is focused on acquiring, exploring, and developing prospective gold & silver properties in Mexico. The Company holds four high potential precious metal projects: 1) 49% Ownership of the Pilar Gold & Silver Project which is believed to hold the potential to be a near term producing mine, 2) 100% of EP Gold Project in the significant Caborca Gold Belt which has delivered highly encouraging exploration results and is surrounded by Mexico’s second largest major producer of gold on four sides, and 3) two highly prospective interests in the Sierra Madre (Diamante Gold & Silver Project and Jackie Gold & Silver Project). For more information about all Company projects please visit: www.colibriresource.com . For information contact: Ian McGavney, President, CEO and Director, Tel: (506) 383-4274, ianmcgavney@colibriresource.com Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Notice Regarding Forward-Looking Statements: This news release contains "forward-looking statements". Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that they will prove to be accurate.
ALL NEWS RELEASES